Magento 1.9.x php 7 support

Yes, it is possible to migrate 1.9.2.2 from PHP 5.5 to PHP 7. Its not officially supported yet but Inchoo has found the solution to this.

They have developed Magento extension to make Magento compatible with PHP 7.

http://inchoo.net/magento/its-alive/

As of now from Magento 1.9.3.7 PHP 7.0 and 7.1 are officially supported. PHP 7.2 support is not yet official for both Magento 1 and 2.

Thank you